Latest Key Developments (Source: Significant Developments)

ACE Ltd:To acquire Chubb for $28.3 billion in cash and stock.Says transaction immediately accretive to EPS and book value.Says combined company to assume renowned Chubb name.Says combination will have greater growth and earnings than the sum of the two companies separately.Says Chubb shareholders will receive $62.93 per share in cash and 0.6019 shares of ACE stock.Says based on the closing price of ACE stock on June 30, 2015, the total value is approximately $124.13 per Chubb share.Says by year three, the transaction will be accretive to EPS on a double-digit basis and will be accretive to roe.Deal value equivalent of $125.87 per Chubb share using ace's 20-day volume weighted average share price.Says ACE intends to finance the cash portion of the transaction through a combination of $9 billion of ACE and Chubb excess cash.Says it is anticipated that the roi will exceed ace's cost of capital within two years, result in a double-digit return by year three.Chubb will continue to operate under its name while the combined company transitions to operate under the Chubb name globally.By third year after closing, expects to realize annual expense savings of about $650 million pre-tax where both companies overlap.Says Morgan Stanley & co llc serving as financial advisor to ACE on deal; guggenheim securities llc serving as financial advisor to Chubb.
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ACE Ltd:Says its subsidiary, ACE INA Holdings Inc., has agreed to sell $800 mln of 3.15 pct senior notes due March 2025.Notes are guaranteed by ACE Limited.Net proceeds from the sale of the notes plus available cash will be used to repay at maturity $500 mln of the company's 5.70 pct senior notes maturing in Feb. 2017 and $300 mln of the company's 5.80 pct notes maturing in March 2018.Pending such application, the company may make the net proceeds available to its subsidiaries or invest them in marketable securities.Joint book-running managers for the offering are Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC.
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